Here are some questions to ask yourself and think through before you retire:
If you’ve ever worked in Canada, chances are you’ll be eligible to apply for benefits under the Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) and Old Age Security (OAS). Before you retire, get to know how these plans work and when to apply for benefits.See How Do I Know When to Take My CPP/QPP?
Figuring out when to make the switch from a Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF) (or other income option) and start withdrawing money is important because your timing can impact your cash flow, government benefits and taxes in retirement.See Strategies for Maximizing RRIF Income
The right tax strategies can make a huge difference in how much money you get to keep in retirement. For example, saving in registered plans (like the RRSP) and sharing income with your spouse are two common ones. There are many tax strategies—and plenty of rules as well—so be sure to talk to a financial planner and a tax advisor first.
This is a big decision and often an emotional one. There are several lifestyle considerations and costs to weigh when deciding to move or downsize. Check out our downsizing case study and things to think about before selling.
To save enough for retirement, most people need to invest in a mix of investments, including equities. However, once you start getting close to retirement, it’s smart to look at how much risk you have in your investment portfolio.
A financial planner can review your investments, as well as your needs and goals, to help you decide whether to make changes.
Having a current Will, Power of Attorney and overall estate plan is incredibly important if you want to protect everything you’ve worked for and leave a lasting legacy for the people you love. For more information.See Why Should I Care About Estate Planning?
Many people retire and are surprised to discover that they don’t know how to fill their days. It’s no wonder—the average Canadian spends 2,000 hours a year at work. Take some time to think about how you might want to spend your days when you’re no longer working.See How Will I Fill My Time in Retirement?
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